Retention and Incentive Award (May 3rd, 2013)
Illinois Tool Works Inc. ("ITW") is considering strategic alternatives that may result in the separation of the Industrial Packaging Segment (the "Business") from the rest of ITW (any such separation is referred to in this letter agreement as, the "Transaction"). In appreciation for your continued support and dedication to the Business, which includes the successful execution and closing of the Transaction (the "Closing"); ITW is offering you a Retention and Incentive Award ("Award").
Severance Agreement (May 3rd, 2013)
To provide you with a greater sense of security, Illinois Tool Works Inc. ("ITW" or the "Company) is offering you this Severance Agreement in the event the Industrial Packaging Segment (the "Business") separates from the rest of ITW (any such separation from ITW is referred to in this Severance Agreement as the "Transaction") and if you are terminated within twenty-four (24) months after the close date of the Transaction (including continued employment with its successor in interest in the Business, if any), subject to the terms and conditions described below. Any severance benefits contained herein are contingent upon the execution of a signed release on behalf of the Employee in a form as determined by the Company.